Verge (XVG) Pumps (and Dumps) on Bithumb Listing

Justine Pope

Even though the cryptocurrency markets are still in a bearish trend, some altcoins have been seeing upwards price movement. As bitcoin’s USD price has stabilized over the past week, some analysts are suggesting that altcoins could start seeing some much-needed price action. One example is Verge (XVG).

Originally called DogeCoinDark, XVG was recently awarded listing on Bithumb. Bithumb is the third largest exchange by volume, racking up 415,000 BTC (or approximately $1.6 billion) in 24-hour trading volume. This listing is the only market for XVG/KRW, meaning that users of the South Korean exchange Bithumb will be able to buy XVG with their KRW for the first time. Verge is already listed on Bitfinex, Binance, and Bittrex, but this Bithumb listing gives even more people access to XVG.

Bithumb tweeted about the Verge listing at 6:05 PM on November 28, 2018:

Data from CryptoCompare shows that this listing has given Verge a turbulent week.  Before the announcement, XVG’s price was consolidating around $0.006. The price started climbing up, and once the listing was live, jumped all the way up to $0.010, for a gain of 67%. The hype quickly died off, and after a small double top, the price tumbled down to $0.0073, for a drawdown of 27%.

hour_CryptoCompare_Index_XVG_USD_337_11543583205413.pngFrom: CryptoCompare

Like most cryptocurrencies, 2018 has not been fun for Verge. Before the 2017 bull run, XVG’s price was consistently around $0.007, until its privacy features started gaining attention in cryptocurrency circles. Then, infamous cryptocurrency promoter John McAfee started tweeting about XVG, and Verge began its rapid ascent in price.

XVG saw an enormous surge all the way up to $0.24, but since the bear market started, it’s crashed all the way back down to its 2017 levels around $0.007. Despite this, Verge has kept its footing and remains the 46th largest cryptocurrency by market cap, with a valuation of $112.5 million.

day_CryptoCompare_Index_XVG_USD_366_11543583698403.pngFrom: CryptoCompare

JPMorgan Pays $2.5 Million for Overcharging Cryptocurrency Fees

JPMorgan Chase has reportedly agreed to pay $2.5 million to settle a class-action lawsuit filed against the financial institution in 2018, over it allegedly overcharging customers who were buying cryptocurrencies with Chase credit cards.

According to Reuters, JPMorgan Chase was overcharging users for buying cryptocurrencies as these transactions were being classified as cash advances. As part of the deal, JP Morgan did not admit to any wrongdoing to the 62,000 members of the class-action lawsuit, but a motion filed in Manhattan federal court reads the financial institution agreed to pay customers $2.5 million, noting it will see class members get “about 95% of the fees they said they were unlawfully charged.”

It adds:

.Chase has agreed to enter into this Agreement to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, and to be completely free of any further claims that were asserted or could have been asserted in the Action.

One of the plaintiffs, Brady Tucker, reportedly claimed JPMorgan Chase violated the Truth in Lending Act since it did not inform its customers crypto purchases were being treated as cash advances. This saw them pay higher fees, which the bank then refused to refund and led to the class action lawsuit.

At the time the lawsuit was filed JPMorgan was seemingly hostile toward cryptocurrencies, with its CEO Jamie Dimon claiming bitcoin was a “fraud.” Since then, the bank has launched its own stablecoin called JPM Coin.

As CryptoGlobe reported, a report published by JPM late last month showed that using their “intrinsic value calculation,” developed by in-house analyst Nick Panigirtzoglou, bitcoin is correctly valued after the recent halving event.

Featured image by Drew Beamer on Unsplash.